A Planetary Economy

Foreword
Contents
About the Author
Abbreviations
List of Figures
List of Tables
Introduction
	References
Part I: An Economy on a Crowded Planet
	Chapter 1: The Economy’s Coevolution with Nature
		It’s an Economy, Jim, But Not as We Know It
		Nature and the Economy as Complex, Hierarchical systems
		What Is the Economy For?
		How the Economy Became So Large
			Population
			Material Intensity of the Economy
				Size of the Economy Relative to Nature
			Material Efficiency of the Economy
			Role of Money and Credit in Economic Expansion
			Role of Belief Systems
		Prospects
			We Have the Physical Technology But Not the Social Technology
			The Far Future
		References
	Chapter 2: Economic Worldviews: Modernity and Its Alternatives
		A Brief History of Human Attitudes Toward Nature
			Detachment and Reattachment
			Western Epistemology and Ontology
				From the Medieval to the Mechanistic
				From the Mechanistic to the Integrative and Beyond
		Deep Ecology
			Ecosophy: Personal Norms
			Ecophilosophy
			Commentary
		Future Societies: A Brief Survey
			Utopia by Thomas More
			‘Conserver’ Societies, Ecotopias and Planetarianism
				Conserver Societies and Ecotopias
				Planetarianism
				Discussion and Critique
			Future Market Economies
		References
Part II: Requirements for a Planetary Economy
	1.1 Overview of Part II
	Chapter 3: Normative Requirements
		Perceptions of Nature
		Normative Requirements Regarding Nature
		Attitudes Toward the Economy
			Individualism vs. Collectivism and the Satisfaction of Wants
			Attitudes Toward Value
			Attitudes Toward the Market
			Attitudes Toward Growth and Stability
		Normative Requirements Regarding the Economy
		References
	Chapter 4: Institutional Challenges and Legal Institutions
		Institutional Challenges
			Who Protects the Right to Life-support?
			From Tragedy of the Commons to Triumph of the Commons
		Legal and Economic Agency for Nature
		The Planetary Sector
			A Planetary Trust
		Requirements for Legal Institutions
		References
	Chapter 5: Political Institutions
		Governmental Foundations for a Stable Economy
			Political Globalization
				Whither the Nation-State?
		A Global Governance Council
			Structure and Membership
			Functions
				Measurement, Verification, Reporting and Communication
				Oversight of a Planetary Trust
			Relationship to Other Transnational Organizations
			Establishment and Growth
		Direct Participatory Democracy by Sortition
		Cross-representation
		Evolution of Political Institutions
		Requirements for Governmental Institutions
		References
	Chapter 6: Corporate and Financial Institutions
		Corporate Structure and Ownership
		Limited Liability and Corporate Personhood
		To Profit or Not to Profit?
			The Convertible Corporation
		The Business Entity of the Far Future
		Role of Publicly Owned Corporations
		Financial Institutions for a Planetary Economy
		Appendix: Corporations from Early History to the Present Day
			A Brief History of the Corporation
			World’s Largest Corporations by Category
		References
	Chapter 7: Policy Development
		Policy Development in the Face of Uncertainty
			Social Selection as Driving Force for Policy
				Start Small
				Grow from There
			Role of the Market in Economic Policymaking
		Legal and Regulatory Processes
			Government Regulation
				Government Regulation as Economic Guidance
				Synergy of Government and Markets
		References
	Chapter 8: Requirements for Economic Policies
		Summary of Policy Requirements
		Policies for Natural Capacity
			Stewardship of Real Property
				Agency for Nature Through Property Retitling
			Government Operations for Natural Capacity
			Policies for Individuals and Corporations
				Policy Options for Material Discipline
				Commons Rent Recycling Through a Planetary Trust
				Tax-Shifting
		Policies for Widespread Prosperity
			Distributional Equity, Wealth and Prosperity
			Absolute Poverty and Relative Wealth
			Raising the Income Floor
			Elective Redistribution
		Appendix: Elective Redistribution Analysis
		References
	Chapter 9: Requirements for Accounting Standards and Practices
		Accounting for an Economy on a Crowded Planet
			Keep the Units Separate
		Accounting for Natural Capacity Using Established Standards
			Accounting Concepts: Financial and Physical
				The Accounting Equation Applied to the Economy and Nature
				The Balance Sheet
				Cash Flow and Material Flows
				Depreciation, Financial and Physical
				Double-Entry Method
			Tracking Financial and Material Performance in Parallel
		Systems of National and Global Accounts
			National Economic Accounting
				Standard System of National Accounts and of Environmental-Economic Accounting
			What Is an Asset, and What Is a ‘Natural Asset’?
			Global Economic Accounting
		Appendix: Accounting Systems
			Approaches to Valuing Externalities in Financial Accounting
			The SNA and SEEA
		References
	Chapter 10: Money and Finance in a Planetary Economy
		Brief History of Money
		What Is Money and What Does It Do?
		Money and Natural Capacity
		Governance of Money and Finance for Long-Term Stability and Prosperity
			Governing the Money Commons
			Existing Proposals
				Pure Reserve Banking
				Pure Money
				Sovereign Money Creation
		References
	Chapter 11: Monetary and Financial Requirements
		Proposals Compared
		Norms
		Institutions and Technologies
			A Global Monetary Authority
			A Public Financial Rating Agency
			I Am My Own Bank
		Policies and Legislation
			Monetary Governance
			Nationalizing the Currency
			Financial Regulation
		References
	Chapter 12: Economic Controls 1: Principles and Requirements
		General Principles
			(1) Material Discipline
			(2) Economic Stability
			(3) Widespread Prosperity
			(4) Innovation Through Markets
			Quid Pro Quo with Nature
			Common Capacity Ownership and Rent
				Role of Government as Steward of Capacity
			Function of Economic Instruments
				Functional Criteria
		Summary of Requirements
		References
	Chapter 13: Economic Controls 2: Currency and Fees
		New Currency Creation
		Common Capacity Fees
			Artificial Capacity Fees
			Natural Capacity Fee
				Natural Capacity Fees on Corporate Income
				Natural Capacity Fees on Financial Trades
			Uses of Common Capacity Fees
				Natural Capacity
				Basic Living Program: Income, Health and Dependent Care, Education
		Appendix: Potential Revenue from Common Capacity Fees
			Potential Revenue from Artificial Capacity Fees
			Illustrative Schedule of Natural Capacity Fees Using Asset Brackets for US Businesses
		References
	Chapter 14: Economic Controls 3: Taxation
		Progressive Consumption Tax
		Taxes on Material Flows
			Material Intensity Tax—Introduction
			Tax-Shifting on Income
			Material Intensity Tax Rates and Revenue
			Effects
		Taxes on Ownership
			Property Taxes
				Capital Gains Taxes
		Taxation Policy
		Tax Code
		References
	Chapter 15: Economic Controls 4: Subsidies, Incentives and Market Instruments
		Subsidies and Incentives
			Subsidies
				Material Efficiency Subsidies
				Natural Capacity Subsidies
			Incentives
		Market Instruments
			Tradable Quotas
			Financial Instruments
				Natural Capacity Share-Ownership
		References
Part III: How Will We Get There?
	Chapter 16: Pathway Toward a Planetary Economy
		Introduction
			The Economy and Economics of the Future
			Harnessing Markets for Collective Ends
		Combining Instruments for Economic Redirection
			Basic Living Program Through Common Capacity Fees
			Taxes and Redistribution
				Income and Payroll Taxes
				Material Intensity Tax
				Other Taxes
				Total Tax Revenues
				Effects on Corporate Incomes
				Elective Redistribution
				Effects on Individual Incomes
			Natural Capacity Fees
			Sovereign Money Creation
			Government Budget Projection and Capital Flows
			International Implications
		Appendix: Assumptions and Data for Economic Projection
			Baseline Data and Period Covered
			Economic Instruments
				Basic Living Program
				Income and Payroll Taxes
				Material Intensity Tax
				Other Taxes
			US Budget Projection
				Budget Categories
				Budget Projection Method
		References
	Chapter 17: A Manifesto for Market Planetarianism
		Declarations
			On a Crowded Planet, Everybody Is in It Together
			Widespread Prosperity Begets Material Discipline; Both Are Needed for Economic and Social Stability
			Governance Must Be Inclusionary
			Public Money Belongs to the People
			A Basic Living Standard Is a Basic Human Right
			Tax Social Bads, Not Social Goods
			Guide the Markets and Let Them Do Their Work
		Proposals
		References
	Chapter 18: A Planetarian Society
		From Globalism to Planetarianism
		Perceptions, Norms and Ethics
			Falling off the Edge of History
			Growth and Prosperity
		Planetarian Society: A Vision
			A World of Opportunity, a World of Tranquility
			The Storm Before the Calm
			From Exploitative Capitalism to Regenerative Capacitism
				American Capacitism
		Coda: A Chance to Beat the Evolutionary Odds
		References
Index